The regulator of the Singapore Exchange (SGX) has suspended access to global depositary receipts of PJSC Gazprom. This announcement appeared on site trading floor on Monday, March 7th.
The regulator emphasizes that the restriction is related to Singapore’s ban on financial cooperation with organizations controlled by the Russian government. And since the administration of the Russian Federation is the ultimate controlling party of Gazprom and has a controlling stake of more than 50%, the company falls under sanctions.
According to the SGX statement, Gazprom’s departure should guarantee “fair, orderly and transparent actions in the market.”
Earlier, on March 5, the Singapore Ministry of Foreign Affairs announced the imposition of sanctions against Russian financial organizations. Restrictions include a ban on any cooperation with financial institutions in Singapore, cryptocurrency transactions and restrictions on the supply of dual-use items to the Russian Federation.
On March 2, it was reported that the Japanese government would freeze the assets of four more Russian banks as part of the sanctions due to the situation in Ukraine. We are talking about the assets of Otkritie Bank, Novikombank, Sovcombank, and VTB. Earlier, Japan announced the freezing of the assets of Rossiya Bank, Promsvyazbank and VEB.RF.
On the same day, it was reported that the international interbank system for transmitting information and making payments, SWIFT, would disconnect seven Russian banks that fell under EU (EU) sanctions on March 12 from its system.
Shortly before this, the EU decided to disconnect VTB, Rossiya and Otkritie banks, as well as Novikombank, Prosvyazbank, Sovcombank and VEB.RF from SWIFT. In addition, the European Union banned the import of euro banknotes into Russia, except for cases of personal use by individuals arriving in Russia, as well as by diplomatic missions and international organizations with legal immunity.
At the same time, the World Bank (WB) decided to immediately terminate all of its programs in Russia and Belarus. It is also reported that the World Bank Group has not approved new loans or investments in Russia since 2014.
On February 28, it also became known that in addition to disconnecting Russian banks from the international payment system, the West may limit the ability of the Central Bank of the Russian Federation to support the ruble through international financial transactions. The sanctions affected air travel, including transit flights, visa policy and sports.
On the same day, the US Treasury banned transactions with the Central Bank of the Russian Federation, the Treasury and the National Welfare Fund. Before that, Washington imposed sanctions on a number of Russian companies with state participation or organizations important for the economy, and on “two more companies with a predominance of private capital.” The list includes Gazprombank, Alfa-Bank, Sberbank, Otkritie Bank, Sovcombank, VTB, Rosselkhozbank, Moscow Credit Bank (MKB) and Novikombank. Then other countries imposed sanctions against Russian banks.
Russia launched a special operation to protect Donbass on February 24 against the backdrop of intensified shelling by the Ukrainian military. The authorities of the Donetsk and Luhansk republics announced the evacuation of residents to the Russian Federation, and also turned to Moscow for help. On February 21, Russian President Vladimir Putin signed a decree recognizing the independence of the DNR and LNR.
For more up-to-date videos and details about the situation in Donbass, watch the Izvestia TV channel.
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